The number of wallets holding tokenized stocks has increased significantly, rising from approximately 100,000 a year earlier to 4.3 million, according to data from Token Terminal. This growth highlights an expanding push among various blockchains to bring public equities onchain.
BNB Chain and Robinhood Chain Lead in Holders
Statistics from Token Terminal show that BNB Chain leads the sector with 1.8 million holders, followed by Robinhood Chain with 1.3 million and Solana with 997,000 holders. A separate tracker from RWA.xyz recorded 3.89 million holders by September 25, representing a 70.9% increase compared to the previous month.
Industry analysts note that these metrics reflect blockchain addresses rather than verified individuals, meaning a single user controlling multiple wallets may be counted more than once. Campaigns such as Binance's zero-maker-fee promotion and the introduction of Stock Tokens by Robinhood have also contributed to higher wallet counts.
Trading Volumes and DeFi Integration
Trading activity has expanded alongside wallet growth. Binance Research reported that the market capitalization of active tokenized equity reached approximately $4 billion by September 9, representing a 314% increase since the beginning of the year. Monthly trading volume grew from $237 million in January to $7.9 billion in August.
Decentralized finance (DeFi) utility has also increased. Total Value Locked (TVL) tied to tokenized equities rose 1,242% to $289.1 million, with 65.4% held in liquidity pools and 28.1% in lending markets, indicating that these assets are increasingly utilized as collateral and sources of onchain liquidity.
Regulatory Developments and Market Structure
Regulators are adapting to the sector's growth. On September 17, the U.S. Securities and Exchange Commission approved a temporary, conditional Innovation Exemption allowing limited trading of tokenized NMS stocks on selected onchain venues subject to volume caps, symbol limits, and disclosure requirements.
Research from Crypto.com highlights that while these tokens may be backed by custody-held assets or created synthetically, ownership of the token typically does not confer direct ownership of the underlying stock or shareholder voting rights. Additionally, an International Monetary Fund note has warned about legal risks concerning the link between tokens and their underlying assets, while the European Central Bank launched Pontes on September 21 to facilitate wholesale tokenized-asset settlements in central bank money.
Projections from Citi's Tokenization 2030 report estimate that tokenized assets could reach between $5.5 trillion and $8.5 trillion by 2030. Observers note that the sustainability of recent growth will face a test following the conclusion of incentive campaigns, such as Binance's zero-maker-fee promotion ending on September 30.
